USA proposes tariffs on 200bn dollars more in Chinese imports

Trump Announces New Taxes on TVs and Air Conditioners

US to impose tariffs on $200 billion Chinese imports

Beijing immediately responded with its own tariffs on United States goods worth $34 billion.

"Since the new tariffs won't be in place for two months, markets could soon calm down, although we will have to see how share markets, especially Chinese shares, will react to this", he said.

U.S. officials argue they had no choice but to move forward on the new tariffs after China failed to respond to their concerns over unfair trade practices and Beijing's abuse of American intellectual property, according to two senior officials who spoke to reporters.

The US complains that China uses predatory practices in a push to challenge American technological dominance.

"The United States has unveiled the list of tariffs in an escalating manner".

Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters. Trump tweeted Wednesday. Republican senators expressed concern over the escalation of USA tariffs.

China hasn't yet clarified how it will respond to the latest salvo.

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Asked what Beijing would do, foreign ministry spokeswoman Hua Chunying gave no details but said, "We will take firm and forceful measures".

The commerce ministry confirmed last month that Chinese exporters were front-loading shipments to the get ahead of expected tariffs - a situation that could exacerbate any slowdown in shipments towards year-end.

On Tuesday, the president made good on his threat with the announcement of the new tariffs.

Washington chose to impose the extra tariffs after efforts to negotiate a solution to the trade dispute failed to reach an agreement, senior administration officials said on Tuesday.

In total, the new import taxes that President Trump is threatening to impose are nearly equal to the value of China's entire goods exports to the USA, worth more than $500bn a year ago. "There is no justification for such action". China has repeatedly denied accusations by the Trump administration of unfair trade policies.

Further, tariffs aren't the only tactic the Trump administration is pursuing to force concessions.

However, a move by China against U.S. multi-nationals "could pose a far greater threat to the index in time", Jones said.

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If China were to back down, the Trump administration might hold off on the newest tariffs. The list covers some $200 billion in Chinese exports that could be hit by a 10 percent tariff.

Last year, the United States imported fishing products from China for a total value of USD 2,700 million (tilapia represented USD 426 million and shrimp accounted for USD 335 million) while it exported seafood to the Chinese markets for USD 1,300 million, according to statistics from NOAA.

On the other hand, the European Union is doubling down on American Whiskey to respond against trade tariffs.

The Trump administration's decision was received with dismay by key lawmaker Senator Orrin Hatch, the chairman of the powerful Senate Finance Committee.Hatch said in a statement the decision "appears reckless and is not a targeted approach".

And now China is ready to slap tariffs on American goods like French doors.

More: These 15 counties are most exposed to China's tariffs. They warned tariffs on imports raise consumer prices and expose US farmers and manufacturers to retaliation.

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